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of <h1>Amendment to Section 72A: New Rules for Losses and Depreciation in Business Reorganization Effective April 1, 1999.</h1> Section 72A of the Income-tax Act is amended to include new provisions effective April 1, 1999. When a firm or proprietary concern is succeeded by a company, meeting specific conditions, the accumulated losses and unabsorbed depreciation of the predecessor are treated as the losses of the successor company for the year of reorganization. If certain conditions are not met, the set-off of losses or depreciation becomes taxable income for the successor company. Definitions for 'accumulated loss' and 'unabsorbed depreciation' are provided, clarifying their application in the context of business reorganization.
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